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Jun 30, 2022
Thermon Q1 2023 Earnings Report
Reported record Q1 revenue, increased net income, and completed the acquisition of Powerblanket.
Key Takeaways
Thermon reported a strong start to fiscal year 2023 with record Q1 revenue up 34%, net income up $6.9 million, and adjusted EBITDA growth of 106% compared to Q1 2022. The company also completed the acquisition of Powerblanket and revised its fiscal year 2023 revenue and earnings guidance upwards.
Record Q1 revenue increased by 34% year-over-year.
Net income increased by $6.9 million compared to Q1 2022.
Adjusted EBITDA grew by 106% compared to the same period last year.
Completed the acquisition of Powerblanket.
Forward Guidance
For the fiscal year ending March 31, 2023, Thermon expects revenue to be approximately $380-$405 million, including $18 million from the Powerblanket acquisition. GAAP EPS is expected to be approximately $0.85-$0.97 per share, with Adjusted EPS to be approximately $1.07-$1.19 per share.
Positive Outlook
- Revenue will be approximately $380-$405 million.
- Includes $18 million of revenue contribution from the Powerblanket acquisition.
- GAAP EPS in Fiscal 2023 to be approximately $0.85-$0.97 per share.
- Adjusted EPS to be approximately $1.07-$1.19 per share.
- Continue to evaluate additional inorganic growth opportunities while investing in our long-term strategic initiatives.
Challenges Ahead
- General economic conditions and cyclicality in the markets.
- Future growth of energy, chemical processing and power generation capital investments.
- Ability to operate successfully in foreign countries.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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